Interest Rates are Right to Buy Foreclosures in North Georgia

Between the controversy during of the debt ceiling deal, the fear of a second U.S. recession and the mounting crisis in European markets, the stock markets have taken a beating. One drop , however, that is actually is beneficial, however, is the fall in mortgage rates.

According to a national survey of lenders by Bankrate.com, rates averaged 4.54 percent on a 30-year fixed rate mortgage, down 4 basis points from the previous week. A 15-year fixed rate mortgage fell 15 basis points to 3.68 percent. With the lowest rates in more than eight months, the time is right for buyers of North Georgia foreclosures.

The number of foreclosures in North Georgia remains high, with one in every 418 units receiving a foreclosure filing according to RealtyTrac. And while economic reports remain bleak, the continual fall of mortgage rates provides a great borrowing environment for those interested in foreclosures in North Georgia.

If you are in the position to take advantage of near-record low rates, contact United Community Bank at (866) 270-7200 to discuss our available North Georgia foreclosures and special financing rates.